Without a sale, the luxury retailer’s future remains uncertain. Moody’s Investors Service labeled Neiman Marcus as one of 22 “distressed retailers” subject to very high credit risk, making it a serious candidate for bankruptcy in 2017. The company’s struggles in recent years finally came to a head in January 2017, when the retailer shelved plans for an initial public offering (IPO).

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Neiman Marcus coordinated the news with the release of its Q3 financial results, which once again reflected poorly on the brand. Neiman reported a 4.9% decline in revenue to $1.11 billion for the quarter.

During this same period, comparable store revenues decreased 4.9%, with the retailer reporting a net loss of $24.9 million. This marks the fourth straight quarterly loss for Neiman Marcus, which has total liabilities of $6.4 billion, including $1.2 billion of deferred income taxes according to its latest annual filing.

Hudson's Bay, which operates chains such as Lord & Taylor and Saks Fifth Avenue, recently announced it would cut 2,000 jobs as part of a reorganization that will focus on integrating digital functions throughout the organization, creating separate leadership teams for the Canadian and U.S. chains and enhancing sales training. The department store chain has tried to diversify its business model with mergers in the past, with the company entering preliminary negotiations to acquire Macy’s before talks broke down.